Monday, September 30, 2013

Ripple Conversion

I don't have a large balance in my Ripple wallet but through some kind donations I have enough to get me started experimenting with the system. I don't have much trust either yet so its really not much I can do yet, the only currency I have right now is the XRP given to me.

With a wallet balance higher than  the minimum funding requirement there's a possibility to convert one currency to another so lets check that out! Other than XRP and BTC there are 20 fiat currencies supported by Ripple today. To convert to another currency there need to be a path, a line of trust in your network, that facilitates the conversion. The paths to my wallet are very few so the conversion options are few. The only option I have today is to convert my XRP to USD which you can see below.

XRP
XRP1
USD92.837
EURno path found!
BTCno path found!
JPYno path found!
CNYno path found!
INRno path found!
RUBno path found!
GBPno path found!
CADno path found!
BRLno path found!
HKDno path found!
DKKno path found!
NOKno path found!
SEKno path found!
CZKno path found!
PLNno path found!
AUDno path found!
MXNno path found!
KRWno path found!
TWDno path found!
CHFno path found!

With only one currency to trade the decision is easy, I tried to convert XRP to USD. After a confirmation and warning :

You will pay at most
92.837 XRP  ± 1%

This error showed

Sorry, an error occurred while submitting your transaction. Make sure you are connected to the Internet and try again later.
Before trying again, please ensure that the transaction has not been executed already.

Not sure really what happened but I checked the activity which show an entry that sent I sent 1 USD. A few minutes later the USD is not in my wallet, the XRP balance is still the same.

The promising feature of a currency conversion that is instant, digital and online is seemingly broken. As for why I'm still not sure but I hope to find an answer in the ripple forums and return later.



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